The following table shows a portion of a health information management (HIM) department’s supplies and materials from the previous year.
Prior-year Expenditures
Budget vs. ActualItem Budget Amount Amount Spent Supplies $1,200 $1,000
Travel $2,000 $2,500 Conference Fees $1,000 $1,200 Membership Dues $750 $600 Subscriptions $350 $325 Equipment $5,000 $3,000
Calculate and analyze the variance for the budgeted amount and the actual amount spent. Along with each variance calculation, prepare a brief justification of why there may be a variance.
